Compensations of Egypt’s Takaful insurance firms hit $63mn in 10 months- EFSA

The Takaful insurance companies working in the Egyptian market have paid compensations estimated at 494.8 million Egyptian pounds (US$63.2 million) during the first ten months of 2015.

According to the monthly report released Sunday by the Egyptian Financial Supervisory Authority (EFSA), Takaful property insurance companies have paid ten-month compensations worth 356.9 million pounds, representing 11.5 percent of the total property insurance compensations.

The supplementary car insurance has seized 40 percent of the total property insurance compensations followed by compulsory car insurance by 28 percent and fire insurance by 16 percent, the report clarified.

The report also clarified that the total compensations of Takaful life insurance reached 137.9 million pounds, capturing 4.2 percent of the total life insurance compensations.